TPHL accepting proposals for Guaracara refinery until July 23

File photo: A view of the refinery along the Guaracara River in Gasparillo. Photo by Marvin Hamilton
File photo: A view of the refinery along the Guaracara River in Gasparillo. Photo by Marvin Hamilton

Trinidad Petroleum Holdings Ltd (TPHL), through Scotiabank, will be accepting proposals/bids for the Guaracara refinery up to July 23.

It began accepting proposals on June 28, according to a press release on its website.

The release said it had started "a broad-based process for a transaction involving The Guaracara Refining Company Ltd’s refining assets, and the restart of the refinery."

"Scotia Capital (USA) Inc. (Scotiabank) has been retained by TPHL as its exclusive financial advisor in connection with the potential transaction."

Those interested are asked to send an e-mail to process.tphl@scotiabank.com.

Patriotic Energies and Technologies Ltd said it submitted a proposal sometime over the weekend of June 19.

But in Parliament on June 23, the Prime Minister said, "To the extent that the union has another proposal to put in an invitation that is due to go out in a day or two, that proposal is not before the Cabinet at this time, because the invitation has not yet gone out.”

At a press conference on Monday, Patiotic's chairman Ancel Roget said the company had indeed submitted a proposal.

Patriotic has had three proposals rejected thus far.

Newsday asked senior TPHL officials if the company is solely collecting the applications and sending them to the Cabinet sub-committee but was told, "It's all (on) Scotia."

The press release said, "Interested parties or consortia who possess the requisite expertise will be provided with an initial marketing document and be able to participate in the process upon the execution of a legally binding non-disclosure agreement.

"TPHL cautions that there can be no assurance that any transaction will be consummated. At this time, TPHL does not intend to disclose any further developments relating to the process unless and until the board of directors of TPHL has approved a definitive agreement for such transaction or has decided to terminate the process."

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